Cal Coast And San Diego County Complete Merger Discussions!

    Cal Coast tries...      ... jumping the shark?

  [link]  "SAN DIEGO — California Coast Credit Union and San Diego County Credit Union have formally abandoned their planned merger, ending a year-long legal battle. The litigation led to numerous accusations from each side alleging numerous issues. Despite all that, Cal Coast CU CEO Todd Lane told the CU Daily there was “no bad blood”!"

An embarrassing SNAFU on the California merger scene, everyone gets a black eye! But is there an opportunity here for lemonade from a raw lemon?

San Diego County CU has $10 billion in assets and 44 branches in Southern California. An extremely  well-managed CU with very high capital, low operating costs, delinquency/charge-offs minimal, and a strong reputation for service. What's not to like? 

✅ Lets take a look at SDCC as a merger option for SAFE, compared to you know who: 

 ✔ Capital

SAFE  Net Worth     2020 8.57%      2025 10.37%

BECU  Net Worth     2020 10.11%    2025 12.39% 

SDCC   Net Worth    2020 15.18%    2025 20.1%!

✔ Operating Costs 

SAFE   Net OPEX      2020 2.72%     2025 2.56%     

BECU   Net OPEX     2020 2.30%    2025 3.33%  

SDCC   Net OPEX:    2020 1.70%    2025 1.84% !

✔ So, who would you choose if you were a SAFE member-owner? Stay home in California as a $14 billion home-grown, home-owned, locally-controlled credit union, while gaining $1.5 billion in capital resources and a mentor who knows how to manage costs; or... you know who?

😎 And really, wouldn't you rather have access to branches in San Diego, Temecula, Escondido, Carlsbad, Mission Viejo, Yorba Linda, Chula Vista, San Ysidro, La Mesa, Cajon, Santee, Murrieta, Vista, Oceanside, Solano Beach... rather than Tukwila and Tacoma?

  Could the SAFE Board be riding the wrong horse? 

The SAFE Mega-Mistake Merger: This Is Getting Really Scary!

  

 ✔ Because now even the trolls agree it's a bad deal! 

✅ Yesterday's post [link] led to a lively - and lengthy! - commentary on the voting/approval process for the SAFE Board merger muck-up. Here's how it ended:

jim blaine June 27, 2026 at 10:01 AM

2:52pm You commented: "Not sure if SAFE hired someone to help with due diligence, but if they did, they should get their money back."

So at least we both agree that the merger is a really bad deal for SAFE members.

Take it you too would vote "NO" if you were a SAFE member!

Anonymous June 27, 2026 at 10:23 AM

Yes, IMO its bad for both SAFE members and Boeing members. As a SAFE member I would absolutely vote no.

 

😎 What was the SAFE Board thinking? As required by law, the majority of SAFE members are not going to vote for this merger mistake... 

 ... and the trolls agree with the member-owners!  

                              The SAFE Board is "(fill in the blank)".